Obsidian Insurance Holdings has announced the acquisition of admitted carrier Western Home Insurance Company from Western National Mutual Insurance Company.
The acquisition supports Obsidian’s strategic growth plans. Together with Obsidian’s existing admitted carrier, Obsidian Insurance Company, Western Home will provide Obsidian’s program managers with access to nationwide admitted insurance capabilities, including the California marketplace. Obsidian also offers excess and surplus capabilities through its surplus lines carrier, Obsidian Specialty Insurance Company.
Western Home is a Minnesota domestic carrier, commercially domiciled in California. It holds certificates of authority in five other states. It will be renamed after the acquisition closes, Obsidian said.
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“The addition of Western Home to the organization’s footprint is an exciting step for Obsidian, providing the ability to offer its top-tier partners and new program administrators with broad admitted access on a countrywide basis,” said William Jewett, CEO of Obsidian. “This acquisition is a significant step in the continued growth of the Obsidian enterprise.
“The expansion into the California market is well-timed, allowing for the development of Obsidian’s existing and new portfolio partnerships to grow in a robust insurance marketplace. Obsidian’s infrastructure and capabilities are now largely in place to support Obsidian’s growth strategy and value proposition to program administrators and reinsurers.”